GAIL’s PAT up 57 % in FY 2016-17 year-on-year, touches Rs 3,503 cr

GAIL (India) Limited registered a 57% rise in Profit after Tax for the Financial Year 2016-17 with the PAT increasing to Rs 3,503 crore from Rs 2,226 crore in the last fiscal. The rise in profit was boosted largely by a turnaround in the Company’s Petrochemical business, increase in profits from Gas Transmission business and partial sale of stake in Mahanagar Gas Limited (MGL), despite lower price realisation in Polymer and Liquid hydrocarbons. These results are after considering impairment of Investment in Ratnagairi Gas and Power Pvt. Ltd. (RGPPL) in 4th quarter of FY 2016-17 for Rs.783 crore.